Kirby
36 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.
Customers
Top five KMT customers
earns from · approximately 17% of the Company’s 2025 revenuenamed as a riskFive KMT customers accounted for approximately 17% of the Company’s 2025 revenue, 18% of 2024 revenue, and 16% of 2023 revenue.Risk factors (Item 1A)
Top three KDS customers
earns from · approximately 9% of the Company’s 2025 revenuenamed as a riskThree KDS customers accounted for approximately 9% of the Company’s 2025 revenue, 10% of 2024 revenue, and 12% of 2023 revenue.Risk factors (Item 1A)
Data centers
earns fromnamed as a riskRecent growth in prime power (“behind the meter”) and data center demand has contributed to increased revenue in the power generation market in the KDS segment, and changes in customer demand in this area or other areas of business could have an adverse effect on the Company.Risk factors (Item 1A)
Also named by AESI, AGX, BKR, BSM, CBRE, CEG, CMI, CNP and 26 more
Nuclear power industry
earns fromThrough its Rocky Mount, North Carolina operation, the Company serves as the exclusive worldwide distributor of EMD products to the nuclear industry, the worldwide distributor for Woodward, Inc. products to the nuclear industry, the worldwide distributor of Cooper Machinery Services (“Cooper”) products to the nuclear industry and owns the assets and technology necessary to support the Nordberg medium-speed diesel engines used in nuclear applications.Business (Item 1)
Suppliers
MTU
depends on · approximately 12% of the Company’s revenuesnamed as a riskSales and service of MTU, Allison, and Daimler products accounted for approximately 12% of the Company’s revenues during 2025.Risk factors (Item 1A)
Also named by PAG
Allison Transmission
depends on · approximately 12% of the Company’s revenuesnamed as a riskAlthough the Company considers its relationships with MTU, Allison, and Daimler to be strong, the loss of MTU, Allison, or Daimler distributorships and service rights, or a disruption of the supply of MTU or Allison parts, could have a negative impact on the Company’s ability to service its customers.Risk factors (Item 1A)
Daimler Truck North America
depends on · approximately 12% of the Company’s revenuesnamed as a riskUnited and S&S are also the distributors for parts, service and warranty on Daimler truck engines and related equipment in multiple states.Risk factors (Item 1A)
EMD Power Products
depends on · approximately 3% of the Company’s revenuesnamed as a riskSales and service of EMD products account for approximately 3% of the Company’s revenues for 2025.Risk factors (Item 1A)
Thermo King
depends on · approximately 4% of the Company’s revenuesnamed as a riskIn 2025, sales and service of Thermo King products comprised approximately 4% of the Company’s revenues.Risk factors (Item 1A)
Shipyard vendors
depends onnamed as a riskA significant delay in the construction of new vessels or a shipyard’s inability to perform under the construction contract could negatively impact the Company’s ability to fulfill contract commitments and to realize timely revenues with respect to vessels under construction.Risk factors (Item 1A)
Other companies
U.S. inland waterway locks and dams infrastructure
depends on · more than half of the locks over 50 years oldnamed as a riskThe United States inland waterway infrastructure is aging, with more than half of the locks over 50 years old.Risk factors (Item 1A)
Seafarers International Union
approximately 125 vessel crew membersnamed as a riskIn addition, approximately 125 vessel crew members of Penn Maritime Inc., a wholly owned subsidiary of Kirby Offshore Marine, are represented by the Seafarers International Union under a collective bargaining agreement in effect through April 30, 2027.Business (Item 1)
Competitors
Pipelines
competes withnamed as a riskThe Company also competes with companies who operate refined product and petrochemical pipelines, railroad tank cars and tractor-trailer tank trucks.Risk factors (Item 1A)
Places
Texas and Louisiana
concentrated in · approximately 80% of the United States production of petrochemicalsTexas and Louisiana currently account for approximately 80% of the United States production of petrochemicals.Business (Item 1)
Oklahoma
operates innamed as a riskKDS is also subject to tropical storms and hurricanes impacting its coastal locations and those of its customers as well as tornados impacting its Oklahoma facilities.Risk factors (Item 1A)
Mississippi River System
operates inThe Company’s principal distribution system encompasses the Gulf Intracoastal Waterway from Brownsville, Texas, to Port St. Joe, Florida, the Mississippi River System and the Houston Ship Channel.Business (Item 1)
Gulf Intracoastal Waterway
operates inThe Company’s principal distribution system encompasses the Gulf Intracoastal Waterway from Brownsville, Texas, to Port St. Joe, Florida, the Mississippi River System and the Houston Ship Channel.Business (Item 1)
Eagle Ford and Permian Basin
earns fromDuring 2023 through 2025, the Company continued to transport crude oil and natural gas condensate produced from the Eagle Ford and Permian Basin shale formations in Texas, both along the Gulf Intracoastal Waterway with inland vessels and in the Gulf of America with coastal equipment, and continued to transport Utica crude oil and natural gas condensate downriver from the Mid-Atlantic to the Gulf Coast, albeit, at reduced levels as some of the product was transported by newly constructed pipelines.Business (Item 1)
Hazards
Hurricanes
operates innamed as a riskTropical storms and hurricanes may also impact the Company’s customers resulting in reduced demand for the Company’s services.Risk factors (Item 1A)
Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more
Inland waterway high/low water and flooding
operates innamed as a riskAdverse weather conditions such as high or low water on the inland waterway systems, fog and ice, tropical storms, hurricanes, and tsunamis on both the inland waterway systems and throughout the United States coastal waters can impair the operating efficiencies of the marine fleet.Risk factors (Item 1A)
Commodities and inputs
Marine fuel
exposed to its price · approximately 8% of marine transportation revenuenamed as a riskThe cost of fuel during 2025 was approximately 8% of marine transportation revenue.Risk factors (Item 1A)
Also named by SEB
Petrochemicals
earns from · 48% of the segment’s 2025 revenuesThe transportation of petrochemical products represented 48% of the segment’s 2025 revenues.Business (Item 1)
Black oil
earns from · 26% of the segment’s 2025 revenuesSuch products represented 26% of the segment’s 2025 revenues.Business (Item 1)
Refined petroleum products
earns from · 23% of the segment’s 2025 revenuesRefined petroleum products transported include the various blends of finished gasoline, gasoline blendstocks, jet fuel, No. 2 oil, heating oil and diesel fuel, and represented 23% of the segment’s 2025 revenues.Business (Item 1)
Natural gas
exposed to its pricenamed as a riskHigher natural gas and crude oil prices are generally better for the Company’s businesses; however, higher natural gas prices and other factors could negatively impact the United States petrochemical industry and its production volumes, which could negatively impact the Company.Risk factors (Item 1A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Crude oil
exposed to its pricenamed as a riskProlonged downturns in oil and gas prices may cause substantial declines in oilfield service and exploration expenditures and could adversely impact oil and gas manufacturing, remanufacturing, parts and distribution business.Risk factors (Item 1A)
Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more
Regulators
United States Army Corps of Engineers
depends onnamed as a riskA significant portion of the inland waterways on which the Company’s vessels operate is maintained by the Army Corps of Engineers.Business (Item 1)
United States Coast Guard (USCG)
subject tonamed as a riskKMT is subject to extensive regulation by the USCG, federal laws, other federal agencies, various state laws, the laws of other countries when operating in their waters, and certain international conventions, as well as numerous environmental regulations.Risk factors (Item 1A)
Jones Act waivers by Department of Homeland Security
subject tonamed as a riskWaivers of the Jones Act, whether in response to natural disasters or otherwise, could result in increased competition from foreign tank vessel operators, which could negatively impact KMT.Risk factors (Item 1A)
California Air Resources Board (CARB) Commercial Harbor Craft rules
subject tonamed as a riskTo the extent that the authorized portion of the regulations survive legal challenges and become effective, and the Company is unable to obtain extensions or other relief on applicable vessels that are utilized in California waters now or in the future, the Company may not be permitted to utilize those vessels in California waters without performing major modifications.Business (Item 1)
Laws and programs
Inland waterways user tax
subject to · 29.1 cents per gallonnamed as a riskThe Company presently pays a federal fuel user tax of 29.1 cents per gallon consisting of a 0.1 cent per gallon leaking underground storage tank tax and 29 cents per gallon waterways user tax.Business (Item 1)
Tariffs
subject tonamed as a riskAdditional or new tariffs, trade restrictions, or other trade measures could adversely impact the Company’s input costs and supply chain, which could reduce availability or increase the cost of goods sold to its customers, especially in KDS.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
Hydraulic fracturing regulation
subject tonamed as a riskFederal or state legislation, executive or governmental orders, and/or regulations could materially impact customers’ operations and greatly reduce or eliminate demand for the Company’s pressure pumping fracturing equipment and related products.Risk factors (Item 1A)
Also named by AESI, AGX, AM, COP, CVX, DTM, EPD, EXE and 7 more
Jones Act
subject tonamed as a riskThe loss of Jones Act status could have a significant negative effect on the Company.Risk factors (Item 1A)
Oil Pollution Act of 1990 (OPA)
subject tonamed as a riskThe OPA and various state laws of similar intent substantially increased over historic levels the statutory liability of owners and operators of vessels for oil spills, both in terms of limit of liability and scope of damages.Business (Item 1)